NEW YORK (CBSNewYork) – The Republican nominee for New York City mayor is losing the faith of one of his biggest financial backers.

As WCBS 880’s Marla Diamond reported, Home Depot founder Ken Langone has been of Joe Lhota’s most important backers but said he’s convinced Democratic nominee Bill de Blasio will be the city’s next mayor.

Langone, 78, told the Wall Street Journal that recent polls showing de Blasio with a sizeable lead, plus a “multitude” of other factors have him convinced the Democrat will win on Nov. 5.

Big Lhota Donor, Home Depot Founder Ken Langone, Convinced De Blasio Will Be Next Mayor

Lhota shrugged off the billionaire businessman and philanthropist’s assessment of the race.

“One thing you’ve got to know about Ken Langone – Ken Langone never minces words, he is not flowery in any of his words, he tells it like he sees it. I don’t agree with him. I do believe that I have an opportunity to win,” Lhota told Diamond. “We will continue to fundraise every single day and we’ll raise enough to be able to spend the max.”

De Blasio’s campaign has raised nearly twice as much as Lhota’s since the Sept. 10 primary, the Wall Street Journal reported.